Gold hits fresh high of Rs 32,900 on Fed stimulus

Gold prices touched new all-time high of Rs 32,900 per 10 grams here today, tracking the metal's rally overseas after the US Federal Reserve decided to add further stimulus to boost the world's biggest economy.

While gold added Rs 310 to hit the record level, silver rose by Rs 800 to Rs 62,000 per kg. Traders said sentiment buoyed on strong cues from global markets where gold climbed to a six-month high after Federal Reserve unveiled a fresh stimulus plan to help spur the US economy, lifting the metal's demand as a store of value.

Reuters

Gold rose 0.6 percent to $1,778 an ounce in Singapore-the highest level since February 29. In addition, some local buying by jewellers and stockists ahead of marriage season also boosted the sentiment, they added.

On the domestic front, gold of 99.9 and 99.5 percent soared by Rs 310 each to Rs 32,900 and Rs 32,700 per 10 grams, respectively.

Sovereign also rose by Rs 100 to Rs 25,600 per piece of eight grams. Silver ready spurted by Rs 800 to Rs 62,000 per kg and weekly-based delivery by Rs 1,880 to Rs 65,265 per kg.

Silver coins surged by Rs 2,000 to Rs 79,000 for buying and Rs 80,000 for selling of 100 pieces.